Monday, August 26, 2019

SPX Update

Last update noted that I was going to treat the high at 2939 SPX as ALL OF C until proven otherwise, and that approach paid off in Friday's session, as shorting the bounces turned out to be a gift for bears.

We're getting into another inflection zone here -- in fact, ES reached the first inflection zone during the overnight session (and sometimes that's good enough for the cash market, too):

[Note: TYPO "2915-25" should be "2815-25"]

In conclusion, ES has bounced from the overnight lows, so we're going to open higher.  My first instinct is that cash will probably (but I can't guarantee this) revisit those lows to test the inflection zone for itself.  Trade safe.

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